You can open a new Lifetime ISA if you are between the ages of 18 and 40. You can save up to £4,000 per year and you will receive a 25% bonus from the government (up to £1,000 pa) for
anything you put into it before your 50th birthday.

The money can be used for your first home or for retirement.

If not for your first home, you can withdraw after your 60th birthday TAX FREE.

If you withdraw your money before your 60th birthday and it is not for your first home, no bonus, no interest and receive a 5% charge!​